Venezuela Debt Wreck Marks New Milestone as $6.1 Billion Unpaid
Venezuela Debt Wreck Marks New Milestone as $6.1 Billion Unpaid
(Bloomberg) -- Venezuela’s debt crisis passed a new milestone as the government missed a principal payment on one of its bonds for the first time this week, boosting arrears on international securities to $6.1 billion.
It was hardly a surprise for investors, who have watched the value of their securities plummet since President Nicolas Maduro announced in November that he would seek to restructure the country’s debt in the midst of an economic crisis. But it reinforced the difficult position creditors find themselves in as the overdue payments pile up with no resolution in sight and no easy recourse for getting their money back.
Maduro’s recent measures to reduce long-standing gasoline subsidies and redenominate the currency by lopping off five zeroes, both set to take effect this month, are steps in the right direction but ultimately unlikely to help the country pay back bondholders, said Siobhan Morden, who heads Nomura Securities International’s Latin America fixed-income strategy.
“It still looks like a countdown with economic crisis morphing into political crisis for the Maduro administration,” Morden said in an Aug 15 note.
Here’s the latest breakdown of the securities in flux:
(*Within grace period)
Bond | Coupon Value (Millions of USD) | Due Date | Grace Period End | Announcements |
VENZ 2019 | $96.70 | Oct. 13 | Nov. 13 | S&P declares selective default |
Moody’s says technical default | ||||
Fitch cut to restricted default | ||||
Gov’t says it started payments | ||||
Euroclear said to not receive interest payment | ||||
VENZ 2024 | $103.00 | Oct. 13 | Nov. 13 | S&P declares selective default |
Moody’s says technical default | ||||
Fitch cut to restricted default | ||||
Gov’t says it started payments | ||||
Euroclear said to not receive interest payment | ||||
VENZ 2025 | $61.20 | Oct. 21 | Nov. 20 | S&P declares default |
Euroclear said to not receive interest payment | ||||
Clearstream said to hold cash for payment | ||||
Interest payment said to reach some holders | ||||
VENZ 2026 | $176.30 | Oct. 21 | Nov. 20 | S&P declares default |
Euroclear said to not receive interest payment | ||||
VENZ 2023 | $90.00 | Nov. 7 | Dec. 7 | Euroclear said to not receive interest payment |
S&P declares default | ||||
VENZ 2028 | $92.50 | Nov. 7 | Dec. 7 | Euroclear said to not receive interest payment |
S&P declares default | ||||
PDVSA 2026 | $135.00 | Nov. 15 | Dec. 15 | PDVSA says it began interest payments |
S&P declares default | ||||
PDVSA 2024 | $150.00 | Nov. 16 | Dec. 18 | PDVSA says it began interest payments |
S&P declares default | ||||
PDVSA 2021 | $107.70 | Nov. 17 | Dec. 18 | PDVSA says it began interest payments |
S&P declares default | ||||
PDVSA 2035 | $146.30 | Nov. 17 | Dec. 18 | PDVSA says it began interest payments |
VENZ 2018 7% | $35.00 | Dec. 1 | Jan. 2 | S&P declares default |
VENZ 2020 | $45.00 | Dec. 12 | Jan. 11 | S&P declares default |
VENZ 2036 | $162.50 | Dec. 29 | Jan. 29 | Moody’s withdraws rating |
VENZ 2034 | $70.00 | Jan. 16 | Feb. 15 | N/A |
VENZ 2031 | $251.00 | Feb. 5 | March 7 | Euroclear said to notify on default |
VENZ 2018 13.625% | $72.00 | Feb. 15 | March 19 | N/A |
PDVSA 2022 12.75% | $191.00 | Feb. 20 | March 22 | N/A |
VENZ 2022 | $191.00 | Feb. 23 | March 26 | N/A |
VENZ 2027 | $185.00 | March 15 | April 16 | N/A |
VENZ 2038 | $44.00 | March 31 | April 30 | N/A |
ELECAR 2018 (principal) | $678.00 | April 10 | April 10 | S&P declares default |
PDVSA 2027 | $81.00 | April 12 | May 14 | N/A |
PDVSA 2037 | $41.00 | April 12 | May 14 | N/A |
VENZ 2019 | $97.00 | April 13 | May 14 | N/A |
VENZ 2024 | $103.00 | April 13 | May 14 | N/A |
VENZ 2025 | $61.20 | April 23 | May 23 | N/A |
VENZ 2026 | $176.30 | April 23 | May 23 | N/A |
PDVSA 2022 6% | $90.00 | April 30 | May 30 | N/A |
VENZ 2023 | $90.00 | May 7 | June 6 | N/A |
VENZ 2028 | $92.50 | May 7 | June 6 | N/A |
PDVSA 2026 | $135.00 | May 15 | June 14 | N/A |
PDVSA 2024 | $150.00 | May 16 | June 15 | N/A |
PDVSA 2021 | $107.70 | May 17 | June 18 | N/A |
PDVSA 2035 | $146.30 | May 17 | June 18 | N/A |
VENZ 2018 | $35 | June 1 | July 2 | N/A |
VENZ 2020 | $45 | June 11 | July 11 | N/A |
VENZ 2036 | $162.5 | June 29 | July 30 | N/A |
VENZ 2034 | $70 | July 13 | Aug 13 | N/A |
*VENZ 2031 | $251 | Aug. 6 | Sep. 5 | N/A |
VENZ 2018 (principal) | $1,053 | Aug. 15 | Aug. 15 | N/A |
*VENZ 2018 | $72 | Aug. 15 | Sep. 14 | N/A |
--With assistance from Katia Porzecanski and Ben Bartenstein.
To contact the reporter on this story: Patricia Laya in Caracas at playa2@bloomberg.net
To contact the editors responsible for this story: Daniel Cancel at dcancel@bloomberg.net, Brendan Walsh
©2018 Bloomberg L.P.